Investment in new models, machinery and people have contributed to JLR’s success

Jaguar Land Rover has posted record yearly pre tax profits of more than £1.67 billion.

A UK sales increase of 20 per cent boosted total world sales of nearly 375,000 vehicles in the year to the end of March which was another record and 22 per cent higher than the same time last year.

The Coventry-based company said pre tax profits were 11 per cent higher while revenues rose 17 per cent to an all-time high of £15.8 billion.

During the year the company introduced the all-new Range Rover, the Jaguar XF and XJ and the XF Sportbrake.

JLR chief executive Dr Ralf Speth said investment had paid off and the firm was planning to spend more next year.

He said: ‘The positive result for the financial year demonstrates that we have strong demand for our great, solid product portfolio all around the world.

‘We invested significantly in the product creation process, in our advanced manufacturing sites and created more than 3,000 jobs.

‘This commitment is set to continue with a sustained programme of investment which will see us spend in the region of £2.75 billion on new products, people and infrastructure in the year to March 2014.’